/THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN UNITED STATES OR TO ANY
UNITED STATES NEWS SERVICES./
CALGARY, March 21, 2013 /CNW/ - IROC Energy Services Corp., through its
Eagle Well Servicing division ("Eagle"), is pleased to announce a joint
venture with the O'Chiese First Nation ("O'Chiese"), whereby Eagle and
O'Chiese will jointly construct and operate a mobile free-standing
double service rig to be named O'Chiese Eagle Rig #1. Construction of O'Chiese Eagle Rig #1 is anticipated to be completed
in June 2013, with the cost of construction to be funded equally by
Eagle and O'Chiese.
The rig will be marketed to oil and natural gas exploration companies
that operate wells on the O'Chiese lands, providing equipment and
personnel for oil and gas well completions and maintenance. This joint
venture provides a commercial opportunity for the O'Chiese to
participate in the development of natural resources on their lands as
well as to provide new employment opportunities for the members of the
O'Chiese First Nation.
Chief Darren Whitford, for the O'Chiese First Nation stated, "We are
excited to participate with Eagle in building a well servicing business
on our lands which will provide opportunities for our people to work in
the oil and natural gas industry and learn the service rig operation
which the O'Chiese has a direct interest in. We believe the service rig
joint venture with Eagle will allow us to begin to build a long-term
sustainable business venture that makes our Nation proud."
Tom Alford, President and CEO of IROC said "we are very pleased that the
O'Chiese First Nation approached us to be a partner in this joint
venture. We are confident that the joint service rig business will
achieve the desired results and are committed to making this a
successful venture for the O'Chiese people, oil and gas operators in
the area and our shareholders."
Eagle currently operates one of the newest fleets of free-standing
mobile Service Rigs, with a fleet of 52 rigs operating from bases
across Western Canada.
Publicly reported information for IROC Energy Services Corp. is
available at www.sedar.com.
Cautionary Statement Regarding Forward Looking Information and
Statements
Certain information contained in this news release, including
information related to the Corporation's level of utilization, future
capital expenditures, anticipated equipment counts and information or
statements that contain words such as "forecasted", "could", "should",
"can", "anticipate", "expect", "believe", "will", "may", "likely",
"estimate", "predict", "potential", "continue", "maintain", "retain",
"grow", and similar expressions and statements relating to matters that
are not historical facts, constitute "forward-looking information"
within the meaning of applicable Canadian securities legislation. This
information or these statements are based on certain assumptions and
analysis made by the Corporation in light of its experience and its
perception of historical trends, current conditions and expected future
developments as well as other factors it believes are appropriate in
the circumstances, and the statements contained in this news release
speak only as of the date hereof.
Whether actual results, performance or achievements will conform to the
Corporation's expectations and predictions is subject to a number of
known and unknown risks and uncertainties which could cause actual
results to differ materially from the Corporation's expectations. Such
risks and uncertainties include, but are not limited to: fluctuations
in the price and demand for oil and natural gas; fluctuations in the
level of oil and natural gas exploration and development activities;
fluctuations in the demand for well servicing and ancillary oilfield
services; capital market liquidity available to fund oil and gas
exploration and development programs; the effects of seasonal and
weather conditions on operations and facilities; the highly
competitive operating environment inherent in well servicing and
ancillary oilfield services; general economic, market or business
conditions; changes in laws or regulations; the availability of
qualified operational and management personnel; currency exchange and
interest rate fluctuations; uncertainties associated with regulatory
approvals; uncertainty of government policy changes; uncertainties
associated with credit facilities and counterparty credit risk; changes
in income tax laws or changes in tax laws, crown royalty rates and
incentive programs relating to the oil and gas industry; risks
associated with government regulations and environmental health and
safety matters; and other unforeseen conditions which could impact the
use of equipment and services supplied by IROC.
Consequently, all of the forward-looking information and statements made
in this news release are qualified by this cautionary statement and
there can be no assurance that the actual results will be realized.
Except as may be required by law, the Corporation assumes no obligation
to update publicly any such forward-looking information and statements,
whether as a result of new information, future events, or otherwise.
About IROC Energy Services Corp.
IROC Energy Services Corp. is an Alberta oilfield services company that,
through the IROC Energy Services Partnership, provides services and
equipment to the oil and gas industry that is among the newest and most
innovative in the WCSB. IROC Energy Services Partnership operates
under the business names of Eagle Well Servicing, Aero Rental Services
and Helix Coil Services. IROC combines cutting-edge technology with
depth of experience to deliver equipment and services offerings in the
following core areas: well servicing & equipment, rental services and
coiled tubing services. For more information on IROC Energy Services
Corp., visit our website at www.iroccorp.com.
This press release is not for dissemination in United States or to any
United States news services. The Common Shares of IROC have not and
will not be registered on the United States Securities Act of 1933, as
amended (the "United States Securities Act") or any state securities
laws and are not offered or sold in the United States or to any US
person except in certain transactions exempt from the registration
requirements of the United States Securities Act and applicable state
securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: IROC Energy Services Corp.
